在美国与中亚五国召开峰会一个月后，日本政府于12月19日至20日同中亚五国举行领导人峰会——该议 程原定于2024年8月举行，但因地震影响，时任首相岸田文雄取消了前往哈萨克斯坦与会的计划。 此次日本-中亚峰会值得关注的重点主要有两方面。 其一，是峰会举办的时机。当前，外相高市早苗在外交层面面临诸多挑战，可谓阻力重重。此时举行峰 会，究竟是为"紧跟美国步调"，还是意在打破外交僵局、打开新局面？ 其二，是日本举办此次峰会的目的。中亚五国一贯采取"平衡外交"策略，今年以来已与多个大国举行首 脑会谈。对中亚各国而言，吸引投资、加强贸易合作、推动对外窗口多元化是其核心诉求；而对大国来 说，中亚的能源与关键矿产资源具有重要战略价值。 然而，共同社在相关报道中多次提及俄乌冲突及中国动向。12月17日，官房长官木原稔在记者会上阐述 日本-中亚峰会的意义时强调，双方将"作为维护和加强基于法治的国际秩序的伙伴，推动地区自主与可 持续发展"。 日方通过媒体释放此类信号，显然具有其政治意图，但这与中亚国家自身的定位与诉求之间存在明 显"温差"——为何日本要在会前释放这样的政治信号？ 针对上述问题，观察者网特邀上海外国语大学日本研究中 ...

Core Viewpoint - Hainan's announcement of full island closure operation on December 18, 2025, represents a strategic move by China to counter global containment efforts, emphasizing openness rather than isolation [1][8][22] Group 1: Policy and Economic Implications - The concept of "closure" in Hainan does not imply isolation but rather a model of "open first, control second," allowing international access while regulating domestic channels [3][6] - Hainan will operate as a special zone with zero tariffs and simplified approvals for international goods, effectively becoming a "domestic outside" area in terms of trade rules [3][6] - The unique policy of "30% value-added processing for domestic sales exempt from tariffs" provides a significant competitive advantage for businesses, allowing them to import raw materials duty-free and sell processed goods to the mainland without tariffs [11][13] Group 2: Strategic Positioning - Hainan is not intended to replace Hong Kong or Singapore; instead, it aims to leverage its vast land and natural resources to focus on sectors like agriculture, deep-sea exploration, aerospace, and high-end manufacturing [15][17] - The region is positioned as a "testbed" for advanced medical devices and data flow, facilitating early access for domestic patients and exploring cross-border digital economy cooperation [19][21] Group 3: Global Context and Future Outlook - Hainan's closure is seen as a significant step comparable to China's WTO accession in 2001, marking a shift from product-level to institutional-level openness, allowing China to participate in international rule-making [22] - The initiative aims to attract global capital, talent, and technology to Hainan, countering efforts to isolate China and reinforcing the country's commitment to globalization [21][22]

Group 1 - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to address false information related to the capital market, taking legal action against accounts spreading rumors and illegal stock recommendations [3] - Specific accounts mentioned include "Eight Sister Invincible" for spreading regulatory rumors, "Financial Report Wind and Cloud" for aggregating false information about listed companies, and "Finance Weekend Teacher" for using AI to fabricate market information [3] - The authorities remind the public to establish correct investment concepts, enhance risk awareness, and improve the ability to discern financial information [3] Group 2 - The Ministry of Commerce reported that from January to November, the national online retail sales increased by 9.1%, with digital products growing by 8.2%, and online service consumption rising by 21.7% [3] - The Ministry of Education announced that the national master's degree entrance examination will take place on December 20-21, urging candidates to comply with examination regulations [3] - The State Administration for Market Regulation has amended the "Provisions on Prohibiting Monopoly Agreements," which will take effect on February 1, 2026, clarifying conditions for permissible vertical monopoly agreements [3]

近期，欧委会密集对中国企业发起《外国补贴条例》（FSR）调查，做法恶劣，指向性和歧视性明显。 此举极大增加了中企在欧投资及正常经营的合规成本和法律风险，无益于促进中欧两大经济体之间的正 常经贸和投资往来。 相互尊重、互信互利，是中欧经贸合作行稳致远的前提。希望欧方能同中方一道，落实中欧领导人会晤 达成的重要共识，旗帜鲜明反对保护主义，坚守市场开放原则，为企业投资经营提供稳定、可预期的政 策环境，合力推动中欧投资和经贸关系迈向更高水平。 欧方执法不当表现在诸多方面。例如，欧委会对"外国补贴"的界定过于宽泛和模糊，甚至将中国企业涉 及的退税项目也认定为补贴。这与世界贸易组织相关规则不一致，明显超出了国际规则和通行实践的合 理边界。在程序正当性方面，欧方的相关做法同样存在明显不当之处。有案例显示，欧方曾给1家中国 企业仅3天时间提交涉及补贴的大量信息，明显不符合合理调查期限要求；欧方还曾在既未立案也未事 先通知的情况下，对中企在欧办公室进行突袭检查。 FSR调查的连锁效应已对中国企业在欧经营造成显著冲击。欧盟中国商会对205家在欧中企及机构的调 研显示，63%的受访企业反映其业务受到FSR影响，51%的受访企业认为 ...

（编辑 丛可心） 证券日报网讯 12月19日，苏豪汇鸿在互动平台回答投资者提问时表示，公司高度重视市值管理工作， 持续推动开展上市公司质量提升和市值管理工作，在努力做好经营管理的同时，积极探索研究依法依规 综合运用各类市值管理方式，多措并举推动市场价值与内在价值相互促进，持续提升投资价值和股东回 报能力。未来，公司将持续以提高公司质量为基础，依法依规综合运用各类方式提升公司投资价值。 ...

证券日报网讯12月19日，苏豪弘业（600128）在互动平台回答投资者提问时表示，本次限制性股票激励 计划的考核指标涵盖基本每股收益、加权平均净资产收益率、利润总额及现金分红占当年实现的可供分 配利润的比例等多个维度。公司将通过坚持创新驱动发展，加大研发投入，进一步优化调整业务布局， 提升主业专业化水平，增强公司核心竞争力。具体包括：推进子公司玩具设计研发中心升级，增强自主 创新能力，加速实现从"OEM"向"ODM"的转型升级；加快推进子公司跨境电商科技创新，运用人工智 能、大数据、云计算等信息技术，持续推动平台功能迭代和服务能级提升；重点围绕节能环保、化工新 材料等领域布局，推进潜在并购项目的研究和挖掘，加快形成更具发展前景的新兴业务板块和第二增长 曲线。 ...

Group 1 - The global economy is showing resilience despite challenges such as trade wars, mineral shortages, and tensions between the US and China, exceeding previous expectations [4][22] - The current era is characterized as highly turbulent, influenced by the AI revolution, rapid population aging, climate change, and a retreat from democratic norms and international order [5][6] - The chaotic economic policy-making in various countries is complicating the ongoing transformation [7][22] Group 2 - In the US, contradictory policy statements from the White House are causing uncertainty, with recent tariff changes impacting various food products and threatening new tariffs on rice from India and China [7][24] - The US public debt has surged to a historic high of 125% of GDP, with plans to utilize $250 billion in tariff revenue for financial support to farmers and taxpayers [24] - The stock market has seen significant gains driven by AI companies, raising concerns about potential market crashes [24] Group 3 - European countries are lagging in economic growth compared to other developed economies, with the EU's share of the global economy shrinking amid fierce competition from the US and China [24][25] - The EU faces challenges in advancing key policies due to differing national priorities and pressures, exemplified by the recent postponement of a long-awaited trade agreement involving South American countries [25] - High energy prices and competition from Chinese goods are constraining local producers and manufacturers in Europe [25] Group 4 - The ongoing Russia-Ukraine conflict is prompting European governments to increase fiscal spending and military expenditures, further escalating debt levels [27] - China's economic influence continues to grow, with a $1 trillion annual trade surplus indicating that US tariff policies have not diminished China's trade dominance [27] - The International Monetary Fund has raised China's annual economic growth forecast to 5%, highlighting the resilience of its export-driven growth model [27] Group 5 - The global trade order, long dominated by the US, is being disrupted, leading to increased uncertainty and cost pressures in the global economy [30] - The rise of temporary bilateral trade agreements is causing businesses to worry about raw material sourcing and compliance costs [30] - The COVID-19 pandemic has exposed vulnerabilities in global supply chains, with ongoing political shifts potentially introducing more instability [30][31]

12月19日，A股海南板块迎来全面爆发。同花顺数据显示，海南自贸区板块上涨5.33%，29只成分股集 体上涨。其中，康芝药业涨超11%，海南瑞泽、海南海药、海汽集团、海南发展以涨停价报收，神农种 业、海峡股份均涨超8%。 西部证券在研报中指出，四类标的将显著受益：一是海南地区有较大对外贸易业务的公司，受益于进口 零关税、出口退税政策；二是受益于自贸港配套建设的基建企业；三是旅游消费相关公司，受益于免税 范围扩大带来的消费吸引力提升；四是普遍享受"零关税、低税率、简税制"政策红利的海南本地企业。 在此背景下，多个与封关政策高度契合的产业将迎来确定性发展机遇。 比如，中国中免、海汽集团、海南发展等旅游、贸易板块的个股能凭借免税业务布局直接承接消费红 利；海峡股份、海航控股等交通股则能依托航线与枢纽优势分享流量增长；康芝药业、海南海药等医疗 股则能借零关税政策降本增效；海南发展、海南高速等行业建设类公司则能深度参与智慧口岸等自贸港 配套工程，凭借本地资源与项目优势抢占基建增量市场。 本次封关运作围绕"一线放开、二线管住、岛内自由"的核心监管模式展开，据海南省人民政府发布的通 告，具体政策包括四大核心方面：一是大幅扩 ...

Core Viewpoint - The stock of Pingtan Development has experienced significant volatility, with a sharp increase in price that has raised concerns about its divergence from the company's fundamentals [2][3]. Group 1: Stock Performance and Market Reaction - Pingtan Development's stock has seen a surge since October 17, recording 16 instances of price limits and increasing its market capitalization from approximately 5.6 billion to around 26.3 billion [2]. - The stock's rapid rise has been characterized by a "hot potato" phenomenon, where early speculative investors have taken profits, leading to a shift in trading dynamics towards retail investors and some active short-term traders [2]. - On December 19, the stock price increased by over 6% before experiencing a sharp decline of more than 7% in the closing hours [4]. Group 2: Company Fundamentals and Financial Performance - Pingtan Development, established in 1993, is a key player in the agricultural and forestry sectors in Fujian Province, operating nearly 30 subsidiaries across various industries [5]. - The company has reported consecutive years of losses, with projected revenues for 2022, 2023, 2024, and the first three quarters of 2025 being 1.175 billion, 1.233 billion, 1.563 billion, and 1.03 billion respectively, while net profits for the same periods are -229 million, -308 million, -117 million, and 31 million [5]. - Despite the ongoing losses, there is an expectation that the company may turn profitable in the near future [5].

Group 1 - The core viewpoint of the Central Economic Work Conference emphasizes the policy tone of "seeking progress while maintaining stability and improving quality and efficiency" as China transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan" [1] - The conference highlights the importance of "domestic demand as the main driver," "innovation-driven development," and "opening up to the outside world" as key tasks for economic growth [1] Group 2 - China is constructing a domestic demand-driven growth system, which provides stable and diverse market opportunities for Central Asian countries, with a focus on boosting consumption and increasing residents' income [2] - In the first five months of this year, trade between China and the five Central Asian countries reached 286.42 billion yuan, a year-on-year increase of 10.4%, with imports from these countries growing by 21% [2] Group 3 - The conference underscores the significance of innovation as the primary driving force for development, aligning with Central Asian countries' needs for industrial upgrading and digital transformation [4] - Cooperation in areas such as smart agriculture, digital payments, 5G communication, and smart cities is flourishing, promoting digital upgrades in local industries [4] Group 4 - China is committed to opening up and promoting win-win cooperation across multiple fields, establishing a solid institutional guarantee for China-Central Asia cooperation [7] - By June 2025, China's investment in Central Asian countries is expected to exceed 30 billion USD, with completed contract revenues in engineering projects reaching 75.6 billion USD, covering various sectors including energy, agriculture, infrastructure, and digital economy [7]